Federal Reserve

Fed official: SVB itself was main cause of bank’s failure – Times of India

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[ad_1] WASHINGTON: The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.“SVB’s failure is a textbook case of mismanagement,” Michael … Read more

Covering collapse of SVB could cost $20 billion, FDIC chairman to tell Congress

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[ad_1] The Federal Deposit Insurance Corporation (FDIC) estimates the cost to the Deposit Insurance Fund to cover the collapse of Silicon Valley Bank is $20 billion — including $18 billion to cover uninsured deposits, according to the chairman of the FDIC, Martin Gruenberg. And the failure of Signature Bank is likely to require about $2.5 billion, including … Read more